Texas top state for CRE development

​​​​HERNDON, Va. – Texas is the top state in the U.S. for commercial real estate development, creating and supporting 400,986 related jobs and contributing $62.2 billion to the state’s economy in 2018, according to the NAIOP Research Foundation.

The Lone Star State ranks first in warehouse/flex and retail space, beating out Florida and California. 

It is second in industrial, behind Tennessee and above Florida. Texas is also second in office space, beating out Virginia and falling short of New York.

According to the report, new development and
ongoing operations of existing commercial real estate buildings created and supported 8.3 million American jobs in 2018. It resulted in salaries and wages of $325.9 billion.

Development and ongoing operations contributed $1 trillion to U.S. GDP in 2019. Work started on 532 million sf of commercial space last year with the capacity to house 1.5 million employees.